MYTH: I don’t need to work harder than now.
REALITY: You’ll definitely need to work harder. Its your reputation and finance at stake in the venture.
MYTH: I’ll be my own boss.
REALITY: A resounding NO! Every one of your client is your “boss”. In the early stages of the venture you can’t afford to choose your clients. So you end up managing multiple ‘bosses’ with varying demands.
MYTH: I can pay myself what I’m worth.
REALITY: The market will decide that for you. If there is no business value in your startup, you can’t continue paying yourself or your employees.
MYTH: I will be selective in whom I deal with.
REALITY: Well….to some extent you can. But building a long-standing business means you will need to put up with unreasonable demands by clients and you will need to sacrifice short-term comforts
for long-term goals.
MYTH: I can do what I want and like to do.
REALITY: You need to be a jack of all trades. You can’t pick and choose your tasks. You will need to have the savvy to recruit people better than you, to do what you either don’t know how to do or you hate doing.
MYTH: I’ll be free!
REALITY: The grass is always green on the other side. Freedom is a relative term. I equate freedom with ‘peace of mind’. One doesn’t necessarily need to be an entrepreneur to have peace of mind.
MYTH: If I’m good, the world will recognize me and my efforts and will reward me.
REALITY: By being an entrepreneur you are just in the ‘boxing’ arena. Whether you will be a success or not in your endeavor is dependent on multiple interacting variables; viz., market, economy, luck, industry trends, technology, demographics, competitors….. There is no formula for success in anything in life, much less in entrepreneurship.